NPS Pharmaceuticals (NPSP) reported encouraging preliminary results from a two-year rat carcinogenicity study of Preos, a drug candidate being developed for the treatment of osteoporosis. S&P upgraded to accumulate from hold.

Allegiant Bancorp (ALLE) agreed to be acquired by National City (NCC). Under the terms, Allegiant holders will get either a 0.833 National City share in a tax-free exchange, or $27.75 in cash for each Allegiant share held.

Angiotech Pharmaceuticals (ANPI) shares were halted on the Nasdaq to allow full disclosure of the results of an FDA panel hearing, and the recommendation on Boston Scientific's pre-marketing approval for its Taxus Express paclitaxel-eluting coronary stent system. The panel meets Thursday between 9 a.m. and 5 p.m EDT.

Online-advertising company DoubleClick (DCLK) set a $100 million stock buyback.

Williams-Sonoma (WSM) posted 20 cents, vs. 13 cents third-quarter earnings per share on a 20% revenue rise. The kitchen-goods retailer raised the fourth-quarter revenue guidance while keeping the earnings per share guidance. Williams-Sonoma raised the fiscal 2004 revenue guidance to 17% growth, and raised the earnings per share to to $1.26 to $1.31.

Mortgage financier Freddie Mac (FRE) expects report that it overstated earnings by as much as $1 billion in 2001 when it releases a much-anticipated restatement of past earnings in the next several days, people familiar with situation told The Wall Street Journal. S&P keeps avoid.

Pediatrix Medical (PDX) says late Wednesday its Nevada perinatal practice was served with a search warrant by the state of Nevada, requesting information concerning Medicaid billings for perinatal patient care rendered in Nevada since Jan. 1, 2000.